Turners Automotive Group Limited (NZX: TRA) has reported record earnings for the financial year to March 31 2023 (FY23), with Group revenue rising 13% to $390m and a record NPBT result of $45.5m, up 6% on FY22.
The company's Auto Retail and Insurance divisions grew strongly for a third year in succession, while Finance Division's profit was down 17% due to rapid OCR increases.
Earnings per share for FY23 were 37.7 cps, up 4% on the previous year, and a final 7.0 cps dividend has been declared for FY23 (payable in July), taking FY23 dividends to 23.0 cps, matching last year’s strong result.
Turners' award-winning marketing and customer service have seen the company become New Zealand’s Most Trusted Used Car Dealership for the fourth consecutive year.
Despite macro headwinds, the company remains confident in its FY22 - FY25 growth model and is focussed on organic growth opportunities to further its lead in uncertain and rapidly changing market conditions.
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